BNB Has Approved an Extension of the Moratorium on Payments

Business » FINANCE | July 15, 2020, Wednesday // 07:51| Views: | Comments: 0
Bulgaria: BNB Has Approved an Extension of the Moratorium on Payments

The Bulgarian National Bank has approved an extension of the moratorium on payments. The changes are related to the extension of the deadline for submitting a request by bank customers for deferral of liabilities and their approval by banks until September 30, 2020 and the extension of the deadline for deferral of liabilities of bank customers to March 31, 2021.

The extension of the deferral procedure applies to exposures for which no request for deferral of payments has been submitted before 22 June 2020.

On July 9, the Governing Council of the Bulgarian National Bank decided to comply with the Guidelines voted by the European Banking Authority (EBA) - EBA / GL / 2020/08 amending Guideline EBA / GL / 2020/02 on legislative and private moratoriums on payments on loans applied in view of the crisis caused by COVID-19. The guidelines are published on the EBA website. They extend by three months, from 30 June 2020 to 30 September 2020, the deadline for the application of the moratorium on payments set out in Guideline EBA / GL / 2020/02. The extension refers to a change in Section 4, point 10, letter "e" of the EBA Guidelines - EBA / GL / 2020/02.

The BNB approved an extension of terms proposed by the Association of Banks in Bulgaria in the already adopted “Procedure for Deferral and Settlement of Due Debts to Banks and Their Subsidiaries - Financial Institutions in Connection with the Emergency Situation Introduced by the National Assembly on March 13, 2020. from the COVID-19 pandemic ”.

In addition, the BNB will start publishing monthly aggregated information in connection with the received and approved requests to banks for deferral of liabilities under this order. Information for April, May and June 2020 will be published on July 31, 2020. For the following months of the approved order, monthly information will be published at the end of the last working day of the month following the reporting period./NOVA

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